Civic Exchange Annual Report 2005-2006: The Air We Breathe

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CIVIC EXCHANGE ANNUAL REPORT 2005-2006DIRECTORS' REPORTThe directors have pleasure in presenting their report together with the audited financial statements ofthe company for the year ended 30th September 2006.FINANCIAL STATEMENTSThe results for the year are set out in the income statement on page 3.The state of affairs of the company at 30th September 2006 is set out in the balance sheet on page 4.PRINCIPAL ACTIVITIESThe principal activities of the company are to promote civic education, public awareness andparticipation in governance and to undertake research and development of economic, social andpolitical policies.There have been no significant changes in the nature of these activities during the year.PROPERTY, PLANT AND EQUIPMENTMovements in property, plant and equipment during the year are set out in note 7 to the financialstatements.DIRECTORSThe directors during the year and up to the date of this report and subsequent changes were:Chu Ka Sun, WinstonStephen James BrownWilliam Francis Barron (resigned on 30th June 2006)Gladys Veronica Li (appointed on 8th July 2006)Peter James Thompson (appointed on 23rd October 2006)Ng Sung Man, Anthony (appointed on 23rd October 2006)In accordance with the Company's Articles of Association, all directors retire, and being eligible, offerthemselves for re-election.MANAGEMENT CONTRACTSNo contracts concerning the management and administration of the whole or any substantial part of thebusiness of the company were entered into or existed during the year.DIRECTORS' INTERESTS IN CONTRACTSNo contracts of significance, to which the company, its fellow subsidiaries or its holding company was aparty and in which a director of the company had a material interest, subsisted at the end of the year orat any time during the year.DIRECTORS' BENEFITS FROM RIGHTS TO ACQUIRE SHARES OR DEBENTURESAt no time during the year was the company, its fellow subsidiaries or its holding company a party toany arrangements to enable the directors of the company to acquire benefits by means of acquisition ofdebentures of the company or any other body corporate.AUDITORSThe auditors, Messrs. William Po & Co., Certified Public Accountants, retire and, being eligible, offerthemselves for re-appointment.On behalf of the Board.....................................CHU Ka Sun, WinstonChairman32
CIVIC EXCHANGE ANNUAL REPORT 2005-2006INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OFCIVIC EXCHANGE(Incorporated in Hong Kong and limited by guarantee)We have audited the financial statements of Civic Exchange set out on pages 3 to 12, which comprisethe balance sheet as at 30th September 2006, and the income statement, statement of changes infunds and cash flow statement for the year then ended, and a summary of significant accountingpolicies and other explanatory notes.Directors’ responsibility for the financial statementsThe directors are responsible for the preparation and the true and fair presentation of these financialstatements in accordance with Hong Kong Financial Reporting Standards issued by the Hong KongInstitute of Certified Public Accountants and the Hong Kong Companies Ordinance. This responsibilityincludes designing, implementing and maintaining internal control relevant to the preparation and thetrue and fair presentation of financial statements that are free from material misstatement, whether dueto fraud or error; selecting and applying appropriate accounting policies; and making accountingestimates that are reasonable in the circumstances.Auditors’ responsibilityOur responsibility is to express an opinion on these financial statements based on our audit and toreport our opinion solely to you, as a body, in accordance with section 141 of the CompaniesOrdinance, and for no other purpose. We do not assume responsibility towards or accept liability to anyother person for the contents of this report.We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong KongInstitute of Certified Public Accountants. Those standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance as to whether thefinancial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditors’ judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditors consider internal control relevant to the entity’spreparation and true and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made bythe directors, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.OpinionIn our opinion, the financial statements give a true and fair view of the state of the company's affairs asat 30th September 2006 and of its results and cash flows for the year then ended in accordance withHong Kong Financial Reporting Standards and have been properly prepared in accordance with theHong Kong Companies Ordinance.William Po & Co.Certified Public AccountantsHong Kong33
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Page 34 and 35: INCOME STATEMENTFOR THE YEAR ENDED
Page 36 and 37: STATEMENT OF CHANGES IN FUNDSFOR TH
Page 38 and 39: NOTES TO THE FINANCIAL STATEMENTSFO
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Civic Exchange Annual Report 2005-2006: The Air We Breathe

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